Tue Jan 21 11:54:47 UTC 2025: ## Kalyan Jewellers Stock Plunges Amidst Denials of IT Raids and Bribery Allegations

**MUMBAI, INDIA** – Shares of Kalyan Jewellers India Ltd. plummeted 8.27% on Tuesday, closing at Rs 487.25, marking a 38.67% drop from its recent high of Rs 794.60. The decline follows a single-day trading halt and comes despite the company vehemently denying allegations of IT raids and bribery of fund managers.

Promoters Ramesh and Seetharam Trikkur Kalyanaraman increased their pledged shareholdings by 1.65% and 1.85%, respectively, a common practice to secure loans. The company’s executive director, Ramesh Kalyanaraman, dismissed the allegations as “very absurd,” emphasizing the company’s commitment to transparency and integrity. He also confirmed that no IT raids occurred and that the company has repaid approximately Rs 450 crore in debt over the past 18 months, in addition to a Rs 170 crore dividend payout. Kalyanaraman also denied rumours of the company purchasing an aircraft.

Despite the denials, several analysts have advised investors to avoid the stock in the near term. Experts from Religare Broking, StoxBox, and Angel Broking all recommended either exiting their positions or avoiding further investment. Market expert Raghvendra Singh echoed this sentiment, advising investors to steer clear of Kalyan Jewellers at current levels. The company is scheduled to release its third-quarter results on January 30th. Promoters currently hold a 62.85% stake in the company.

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